Stocks fell a day after the Nasdaq crossed 5,000 for the first time in 15 years, and the S&P 500 climbed to a new high. First, the scoreboard: Dow: 18,203.6, -85, (-0.5%) S&P 500: 2,107.8, -9.6, (-0.5%) Nasdaq: 4,979.7, -28.4, (-0.6%) And now, the top stories on Tuesday:
NetApp Inc. (NTAP) is trading higher on a positive note from Barron's as to why the storage device maker can gain up to 25% this year. The company generates annual free cash flow (FCF) equivalent to 14% of its market capitalization. Its FCF yield of 14% in comparison to 9% for tech giants Apple and Microsoft is a feat in itself.
Frederic Ruffy submits: SentimentThe major averages are modestly lower following two days of grim housing data. The day after a report on Existing Home Sales showed a surprise drop in May, the latest New Home Sales report also disappointed to the downside. The data, released at 10:00 a.m. ET, showed New Home Sales falling 33 percent and to record lows of 330K (annualized) in May, which was significantly worse than the 430K that economists had expected.